FSC (Korea) ban on ICOs

On September 29, the Financial Services Commission (FSC) issued a statement following a meeting with other administrations to discuss counter measures against the trend of virtual currencies.307

The statement observes that ICOs distribute revenues with various schemes, that the market is overheating due to a high level of speculative demand and that there is an increased risk of frauds. Therefore it establish a polity of prohibiting all ICOs , regardless of technical terminology.

Moreover, the statement presents the results of law enforcement and upcoming legislation on cryptocurrencies under the Anti-Narcotics Act, user verification provisions, anti money laundering obligations and the establishment of a "Joint Inspection System Operation".